Accumulation and Stability under Capitalism

Prabhat Patnaik

Accumulation and Stability under Capitalism

Prabhat Patnaik

Description

Patnaik's starting point is the fundamental question of how we can explain the resilience and durability of capitalist economies-. He argues that the existence of a periphery of less developed countries provides a buffer that allows (relatively) crisis-free and non-inflationary growth in the capitalist core. His analysis unifies two fields that are normally separate: models of growth and stabilization policy in advanced economies and the economics of open, developing economies.